Europe Submarine Power Cable Market Overview
The Europe Submarine Power Cable market was valued at USD 12.03 billion in 2022. It’s projected to be worth USD 31.55 billion by 2032. The market is expected to register a CAGR of 9.4% forecast period.
The demand for Europe Submarine Power Cables has increased dramatically over the past few years and this is expected to continue for the next few years (at least.) There are two factors that are responsible for most of the growth in this market. The first one is more demand for wind power that can be generated offshore. The wind energy is converted to general electrical energy which can be used for everything from lighting buildings to heating them.
The second factor is the fact that more countries and islands are collaborating with each other in an attempt to increase the amount of alternative energy that’s produced globally each year.
Segment overview
By type
This segment can be grouped into the following sub-segments:
- One-center links
- Multicore links
The one-center links sub-segment held the greatest market share in 2018. Not surprisingly, this sub-segment is also expected to register the highest CAGR for the time period that this report covers. The reason for this is that this sub-segment generates energy in a practical and organized manner.
This sub-segment is growing rapidly in the European Union. In fact, growth in this region accounts for most of the high CAGR that the sub-segment is expected to register.
By end-user
This segment can be grouped into the following sub-segments:
- Seaward wind power age portion
- Europe Submarine Power Cable industry
- Cluster submarine force links
The first sub-segment held the greatest market share in 2017. That said, the greatest amount of innovation is projected to come from the third sub-segment. The reason is that the technology that drives this sub-segment is the most cost-effective and efficient in terms of maximizing wind energy output
Regional analysis
The Europe Submarine Power Cable market can be broken down into the following regions:
- North America
- The European Union
- Asia-Pacific
- South America
- The Middle East and Africa
The Asia-Pacific region held the largest regional market share in 2018. Most notably, China held the highest market share of all of the countries that comprise the Asia-Pacific region. One of the main reasons for this is the fact that China’s government is investing in technologies and infrastructure that can generate much more alternative energy. They see this as a solution to reducing the heavy pollution that characterizes their metros and causes so many health and respiratory problems.
Industry news
China recently installed infrastructure that can generate at least 1.8 Gigawatts of wind energy in 2018. The only other nation to embark on such an ambitious renewable energy infrastructure program was the United Kingdom.
India’s Ministry of New and Renewable Energy developed a rough draft of a new wind energy policy three years ago. The intent was to ramp up wind power development throughout India. The new renewable energy generating infrastructure will be set up in coastal Gujarat and Tamil Nadu.
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